Relief in vain; gold price surges again, price of sovereign touches Rs 97360

THIRUVANANTHAPURAM: There was a major rise in the price of gold today. The rise was after a drop seen in the last two days. After a rise of Rs 1520, the price of a sovereign today is Rs 97,360. The price per gram is Rs 12,170 after an increase of Rs 190.

The price of a sovereign yesterday was Rs 95,840 after decreased by Rs 120 and price of a gram was Rs 11,980 after a drop of Rs 15. At a time when it seemed that the price of gold would cross one lakh, it suddenly fell by Rs 1400 on Saturday. However, it is again approaching to a lakh.

The global crises are affecting the gold prices. The possibility of a drop in the base interest rate in the US, the renewed US-China trade war, the crisis faced by regional banks in the US, and the fall of the dollar against other major currencies are the reasons for the sharp increase in gold prices. The world's major central banks, including the Reserve Bank, are buying gold in large quantities instead of currencies for their reserves, which is also contributing to the price hike.

The price of silver in the state has decreased by Rs 2 today. The price is Rs 188 per gram today and Rs 1,88,000 per kilogram. The price of silver in Kerala is determined according to the international market. The fluctuations in the value of the rupee compared to the dollar will also affect the price of silver.